Friday, August 7, 2015

Debt Slaves: 7 Out Of 10 Americans Believe That Debt ‘Is A Necessity In Their Lives’

The American Dream Is Becoming A Nightmare And Life As We Know It Is About To Change

By Michael Snyder, on July 29th, 2015

Could you live without debt? Most Americans say that they cannot. According to a brand new Pew survey,
approximately 7 out of every 10 Americans believe that “debt is a
necessity in their lives”, and approximately 8 out of every 10 Americans
actually have debt right now. Most of us like to think that “someday”
we will get out of the hole and quit being debt slaves, but very few of
us ever actually accomplish this. That is because the entire system is
designed to trap us in debt before we even get out into the “real world”
and keep us in debt until we die. Sadly, most Americans don’t even
realize what is being done to them.

In America today, debt is considered to be just part of normal life.
We go into debt to go to college, we go into debt to buy a vehicle, we
go into debt to buy a home, and we are constantly using our credit cards
to buy the things that we think we need.

As a result, this generation of Americans is absolutely swimming in debt. The following are some of the findings of the Pew survey that I mentioned above…

*”8 in 10 Americans have debt, with mortgages the most common liability.”

*”Although younger generations of Americans are the most likely to
have debt (89 percent of Gen Xers and 86 percent of millennials do),
older generations are increasingly carrying debt into retirement.”

*”7 in 10 Americans said debt is a necessity in their lives, even though they prefer not to have it.”

Most of us wish that we didn’t have any debt, but we have bought into
the lie that it is a necessary part of life in America in the 21st
century.

It has been estimated that 43 percent of all American households
spend more money than they make each month, and U.S. households are more than 11 trillion dollars in debt at this point.

When it comes to government debt, that is easy for us to blame on
someone else, but all of this household debt is undoubtedly something
that we have done to ourselves.

It all starts at a very early age for most of us. When we are still
in high school, we are endlessly told about how important a college
education is. All of the authority figures in our lives insist that we
should just try to get into the best school that we possibly can and to
not even worry about how much it will cost.

So many of us go into staggering amounts of debt before we even get
out into the working world. We had faith that the “good jobs” that were
being promised to us would be there when we graduated.

Unfortunately, in this day and age those “good jobs” end up being a mirage more often than not.

But whether or not we can find a good job, we still have to pay off all that debt.

According to new data that was recently released, the total amount of
student loan debt in the United States has risen to a grand total 1.2
trillion dollars. If you can believe it, that total has more than doubled over the past decade.

Right now, there are approximately 40 million
Americans that are paying off student loan debt. For many of them,
they will keep making payments on this debt until they are senior
citizens.

Another way that they get you while you are still in school is with credit card debt.

I got my first credit card while I was in college, and nobody ever taught me about the potential dangers.

Today, the average U.S. household that has at least one credit card has approximately $15,950 in credit card debt.

So let’s say that you have that much credit card debt and you are
paying an annual interest rate of 17 percent. If you only pay the
minimum payment each month, it will take you 229 months to pay your
credit card off, and during that time you will have paid $13,505.82 in
interest charges.

In other words, you will almost have paid twice as much for
everything that you originally bought with your credit card by the time
it is all said and done.

This is why banks love to give you credit cards. If they can get
back nearly twice as much money as they originally give you, they get
rich and you get poor.

Most of us get loaded down with even more debt when we go to buy a
vehicle. Instead of saving up and getting what we can afford, many of
us end up getting the largest loans that we can qualify for.

Sheeple

The Black Sheep tries to warn its friends with the truth it has seen, unfortunately herd mentality kicks in for the Sheeple, and they run in fear from the black sheep and keep to the safety of their flock.

Having tried to no avail to awaken his peers, the Black Sheep have no other choice but to unite with each other and escape the impending doom.

What color Sheep are you?

.

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